Comparing insurance providers comes down to clientele and coverage options. AFLAC famously offers coverage help to individuals or businesses with existing health insurance plans.
Conversely, the General Re Life Insurance Corporation provides a different sort of coverage known as reinsurance. The services offered by each company are vastly different. However, insurance providers with reinsurance coverage may be able to provide more affordable coverage to individuals and businesses.
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General Re Life Insurance
As a reinsurance company, the General Re Life Insurance Corporation offers life and health protection options to manage benefit risks. The plans this company offers are forms of insurance for other insurance companies. At publication, the General Re Life Insurance Corporation offers six distinct types of reinsurance and insurance plans in North America. Other coverage options may be able for clients in different parts of the world. Product availability can change by region within coverage areas.
- Critical Illness Insurance – Protects an individual or employee who receives a diagnosis related to a predetermined illness or event. Major medical conditions covered under this insurance include stroke, cancer, major organ transplant and kidney failure. A business or individual can obtain critical illness insurance as a standalone product. Coverage can also attach to any life, health, disability or long-term care policy through the company.
- Group Long-Term (LTD) Disability – This insurance helps employers mitigate risk associated with employee injuries and illnesses. General Re Life Insurance works with clients to tailor risk transfer programs to meet varying actuarial needs. The company also provides underwriting and claims services to help process long-term and short-term disability claims.
- Group Life/Accidental Death and Dismemberment – General Re Life’s reinsurance provides claim assistance for clients. Actuarial services through this plan can help insurance company clients adjust premiums and develop new proving models. Underwriting services provide prospect analysis to facilitate the plan design process. Claim assistance services help companies manage claims and create forms to streamline the process.
- Individual Disability – Services with this type of coverage offer pricing and product support services for insurance companies. Service also include new employee training, on-site assistance and assisted development of risk management tools.
- Individual life Reinsurance – Helps client evaluate the mortality rates of potential policyholders. General Re Life Insurance Corporation specializes in the older age market. Specialized underwriters help insurance company clients evaluate candidates who are 70 years of age and older.
- Medicare Supplemental Reinsurance – At publication, the company offers this reinsurance on a coinsurance basis. Clients have access to claims assessment, pricing, underwriting and rate management services through Gen Re Insurance.
AFLAC is a Fortune 500 company founded in 1955. At publication, the insurance firm offers health care benefit options for individuals, businesses and third-party brokers. AFLAC is a supplemental insurance provider and doesn’t offer reinsurance packages in the way that the General Re Life Insurance Corporation does.
AFLAC Individual Policies
- Accident Insurance – Pays a family a temporary stipend to pay for medical expenses not fully covered by an existing health plan. Qualified medical events include broken teeth, concussions, hospital stays and ambulance services. AFLAC also offers a standalone dental and vision policies with no network restrictions. At publication, vision care is only available through work-site payroll deduction.
- Cancer/Specified-Disease – Coverage helps pay for treatment costs not covered by a primary health plan. Eligible events/procedures include seeing out-of-network specialists, insurance deductibles, experimental cancer treatments and child care. This coverage can also pay for living expenses while receiving medical care.
- Critical Care/Recovery Insurance – Provides financial assistance when policyholders suffer serious medical events. Qualified health conditions include stroke, paralysis, heart bypass surgery and major organ transplant.
- Hospital Confinement Indemnity Insurance – Coverage of this type through AFLAC provides cash for policyholders to use as they see fit. Cash received through this supplemental policy can pay for groceries, utility bills and other living expenses while policyholders remain admitted to medical treatment centers. Conversely, hospital confinement sickness insurance pays cash to pay for qualified care. Eligible medical procedures include surgery, major diagnostic exams.
- Life Insurance – Policies available through this company include juvenile and adult coverage. Policyholders can choose from juvenile whole life or term life plans. Term life plants cover children until 25 years old, whereas whole life plans never expire. Adult life insurance plans break down into the same categories. However, term life coverage for adults last between 20 and 30 years depending plan specifics.
- Lump Sum Cancer/Critical Illness – Plans pay a predetermined cash amount to policyholders who receive qualified diagnoses. Qualified critical illnesses include heart attack, end-stage renal failure, coma or stroke.
- Short-Term Disability – Coverage pays a monthly benefit based on the policyholder’s gross income. A policyholder can tailor disability insurance to meet specific income needs and coverage time limits. At publication, short-term disability coverage is only available through work-site payroll deduction.
Employer Insurance Plans
AFLAC offers insurance plans for employers looking to provide health benefits for workers. At publication, employers can offer all coverage options to individual employees. Some coverages may not be available depending on the laws in particular states.
- Individual/Group Coverage – Offering individual coverage for employees doesn’t offer a substantial premium discount. Employers signing up for group insurance plans through AFLAC can secure discounts on premiums for employees. This action makes coverage more affordable. The more employees the employer enrolls in the group plan, the cheaper coverage is for each individual.
- AFLAC Group Insurance Plans – Coverage options for groups include critical illness, accident, hospital indemnity, disability, whole life and dental. Participation in group plans may be contingent on employers having a certain number of insured workers. Ineligible workforces can still obtain individual insurance plans.
- Covered Medical Procedures/Events – Individuals participating in group plans can receive compensation for physical therapy, accidental death and ambulance services. Some forms of coverage, including accident insurance, is portable. This type of coverage allows employees to retain protection at the same rates even if employment status changes. Group plans offer guaranteed-issue coverage. No underwriting is necessary when exercising coverage options. The removal of this procedural step allows covered workers to receive cash faster and with less paperwork to complete.
The General Re Life Insurance Corporation is an insurance provider geared towards insurance companies. The company doesn’t create policies for individuals. but helps insurers manage those policies.
AFLAC, on the other hand, provides supplemental coverage for individuals and those participating in group insurance plans. Business owners and individuals take out policies through AFLAC. AFLAC may then hire the General Re Life Insurance Corporation to help manage the risk associated with those policies. This kind of symbiotic relationship is common in the modern world of health insurance.
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